Glossary of Terms
M
A MasterCard debit card scheme enabling cardholders to make payments to participating merchants in the scheme.
An international card scheme.
Refers to the locations of ATMs regularly moved between locations, eg, at exhibitions, shows, circuses.
A payment involving the use of a mobile phone. The phone network can be used solely as the channel to authenticate the customer, or the payment can involve a debit to an account held by the customer with the mobile operator or other service provider.
An acronym for mail order / telephone order that refers to card-not-present transactions.
A "money mule", or "money transfer agent" as it is sometimes called, is someone recruited by fraudsters needing to launder the funds obtained as a result of phishing and Trojan scams. As most fraudsters behind these scams are located overseas and it is not possible to make cross-border transfers from most online bank accounts in the UK, a "money mule" is required to launder the money. After being recruited by the fraudsters, money mules receive funds into their accounts and they then withdraw the money and send it overseas using a wire transfer service, minus a certain commission payment.
A payment card fulfilling two or more roles, typically a debit card also providing ATM and/or cheque guarantee functions.
N
A transaction where a card used at an ATM is issued by a different institution from that which owns the ATM.
O
The description on-site is used to refer to ATMs that are located at or within the premises of banks or building societies. Conversely, off-site refers to BBS ATMs that are located elsewhere. (See also remote ATM)
A transaction where a card used at an ATM is issued by the financial institution owning the ATM.
Refers to the location of ATMs, comprising department stores, national chains, shopping centres, retail parks, etc.
